Prestige Group to acquire 80% stake in Sterling Urban Infraprojects for Rs 336 cr

Prestige Group to acquire 80% stake in Sterling Urban Infraprojects for Rs 336 cr
12/03/2018 , by , in News/Views

Realty firm Prestige Group said it has entered into an agreement to acquire 80 per cent stake in Sterling Urban Infraprojects, which holds land parcels in Bengaluru, for a cash consideration of Rs 336 crore.

“The company has entered into a binding agreement for acquisition of 80 per cent stake held by investors and its affiliates in Sterling Urban Infraprojects Pvt Ltd,” Prestige Estates Projects Ltd said in a BSE filing.

“The transaction is in ordinary course of business and is being done at arm’s length on a cash consideration of Rs 336 crore,” it added.

Sterling Urban Infraprojects owns around 59 acres of land at outer ring road-Sarjapour, Bengaluru.

 

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